St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-01
A LIVELY MEETING.
Policy Holders Not Favorable to
Their Present Certificates.

For long time past large number of the
policy holders in the Educational Endown-
ment association have been feeling some
what i'll at ease over the wording of their
policies, as the manner in which they were
drawn appeared TO have a loophole for
good sized steal on the part of the officers of
the company. Considerable "kicking' has
been done of late, and last evening a meeting
of the diSgruntled members, headed by DR..
Rogers, was held at 20 Washington avenue
south. Just before the meeting opened j.
Merritt, the secretary, (and in fact the
founder and owner OF the association
put in an appearance and started in to tell
what Il splendid company the association was.
He was asked about hundred questions in
regard to the soundness of the policies that
had been issued, but answered none of them
in Il satisfactory manner. DR.. Rogers then
explained that the policies read that the COM
pany would pay to policy holders at the ex-
piration of the time for which they were in
sured three-quarters of the assessments on
all policies in force at the time of the expira-
ton of the policy. The money to be paid to
the policy holder, he said, would in such q
case be but very little, as in all probability
there would be but one or two
policies in force then. Some one wanted
TO know how this would be and
the doctor continued: "Well, the company
now has a reserve fund of S5O;s1e. The rates
for insurance have been raised once and
will, most likely, be raised again, and to such
high figure that no new member can come
in. The old members will gradually drop out
and then where will the last few policy hold
ers get their money, as there will be only their
own policies in force? | do not say that the
officers of the association are rogues, but if
rOgues should get control you can all see the
result. The policy, as it now reads, offers
every opportunity in the world for a big
steal. NOW in regard 10 there being new
policies issued, with this defect remedied, as
Mr. Merritt has stated. Some weeks ago I saw
this defect and spoke to Mr.. Merritt IN regard
TO it. He told me that new policies all round
would be issued in the place of the old ones in
ten days. 1t is now nearly two months since
he said this, but none of us have seen any
new policies yet and in my opinion are we
likely to. If the company will issue sound
policies to US will be satisfied. AS the mat
ter stands now the $4,000 reserve fund will
go directly to the officers of the company.
This they cannot deny.
MIR. Merritt arose and began lengthy
harangue, in which he said nothing bearing
upon the matter. He submitted two new
plans of policies, but neither were
any better than the present one. The
gentleman grew quite animated as
he proceeded and insisted that DR.
Rogers was the only one who was dissatiaed.
This statement was greeted with a lot of "Oh,
no; he is not the only one" and similar re-
marks, that evidently agitated Mr.. Merritt.
John W. Godfrey, policy-holder, eulogiZed
the company and MIR. Merritt at some length.
but resumed his seat when q man standing
near the door remarked sarcasticly: "Tll
bet Il hat you will be made an officer of the
company within sixty days" Mr. Merritt
started to go into details and had made few
wild assertions, when big six-footer, look
ing him calmly in the eye, said:
''You lie, and you know you do, when you
tell us anything like that
This settled Mr.. Merritt, and in few mo-
ments he gently slid out of the room. 1t was
stated by Dr. Rogers that the attorney of the
association, ]. G. Hayes, had admitted to him
that the policy certificates were unsound and
not worth the paper they were written on.
The meeting broke up without having ac-
complished anything definite, ard without
having received any satisfaction from Mr..
Merritt